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BNP expect 15bp December hike


Repo Reference Rates


BNP continue to expect a 15bp November hike


Euro-Bund Put Spd, Schatz Vol Sale


JP Morgan On NBH 1W Deposit and Policy Rates

Retains Buoyant Feel Into Europe


Volatile reaction to Fed Powell's Jackson Hole speech as he released the strategy review earlier than expected. Initial take was dovish and USD was sold, spiked EUR/USD to $1.1901 before market performed a sharp reversal, seen driven by Vix, which dropped rate down to $1.1763 before buyers moved into the dip and edged it back to $1.1835, settling around $1.1820 into the close. Powell was seen dovish, US interest rates expected to stay low for longer. Asia initially eased rate to $1.1811 before the USD and JPY came under pressure. EUR/USD rallied to $1.1880, saw a mild knock back to $1.1863 as markets reacted to the Japan Abe confirmation he is to step down on health grounds(saw JPY pare earlier losses in a sharp move) but rate was holding just off the Asia high into Europe. Resistance remains at $1.1880, a break to expose Thursday's high of $1.1901 ahead of $1.1916(76.4% $1.1966-1.1754). A break of $1.1920 to open potential for recent highs at $1.1953(Aug19 high), $1.1966(YTD Aug18 high). Support $1.1835, $1.1822 ahead of $1.1810/1.1790. Month-end looms with prelim models suggesting USD sales to be seen, some of which might be covered today due to the UK holiday Monday.